The role of an Oracle
Oracles are external entities that connect data from the real world , towards blockchains and decentralized applications. The data that can be an asset price, the weather, random data for gaming etc.
They are critical in their role, especially in Defi( decentralized finance), in which an oracle should ensure that the data given should remain correct, and unchanged at all times. Blockchains as well as they can not access the data outside their reach by themselves.
**Introducing RedStone
**
Redstone is an oracle that fetches and processes the data from multiple data sources and stores it in its data distribution layer. Finally , it passes the data on-chain to applications that integrated Redstone.
By aiming at solving the issues that other oracles face, Redstone was inspired to be a modular and decentralized oracle, adapting to the needs of adversity by providing dedicated price feeds and ease of integration at rapid growth.
It has since then focused in yield bearing collateral for lending markets providing optimized and exclusive data feeds.
Oracle issues
Scalability
An oracle having an unoptimized infrastructure will face difficulties when trying to list new assets, latency in providing data, and take longer to be integrated in blockchains.
Waste of Resources
Some oracles will push data to their integrated applications at a specific time, not reusing the data that can already exist some where else.
Slow Growth
Since the market is growing fast, oracles will face competition. If an oracle is slow to evolve , its market share will decrease and it may lose potential partnerships.
How does Redstone solves it?
A Modular Design- Flexible, Reliable, Secure Decomposed of multiple components that are independent of each other, Redstone has more flexibility can increase its system reliability and be optimized more easily.
A Tailored and Optimized support for every application
Depending on the applications needs and by adjusting its functions, Redstone can operate as a push and pull oracle. The data is provided on demand and can be provided on multiple applications, many blockchains, all at once.
Developing exclusive price feeds at a fast growth
Redstone develops dedicated price feeds that use different models to ensure the data is correct . Its infrastructure also allows it to be first on time to provide new assets, making it the first and only oracle to provide several assets.